Sales Up, Med. Price $225k, Inventory Less Tight in Oct.

2018-11-20T11:39:20+00:00November 20th, 2018|

[See all TN housing data, including the current month’s, on THIS PAGE.] 

Oct. 2018 TN Home Sales Dip 2.2%, Prices Rise 7.1%, Inventory Declines 9.3%

Median Home Price Reaches $225,000 Statewide

There were 6,761 single-family home closings in Tennessee in October 2018, down 152 from a year earlier (-2.2 percent), while the median home price rose +7.1% ($210,000 to $225,000) and available inventory of homes tightened -9.3% (24,225 to 21,983), according to data compiled by Tennessee REALTORS®.

By contrast, condo sales in October rose +9.2% (512 closings to 559), while the median condo price climbed +6.8% ($178,200 to $190,310), and condo inventory slipped -4.9% (1,656 to 1,575) over October 2017.

“The real estate market in Tennessee remains active and vibrant,” said Kathy Tucker, 2019 President of Tennessee REALTORS®. “While sales have slowed and prices have risen, inventory continues to be tight but the decline in available homes has slowed in recent months. Whether or not the market is tight, it’s always a good time to seek out expertise when looking to buy or sell a home.”

The tables below summarize Tennessee’s October 2018 data:

CLOSINGS Oct 2017 Oct 2018 Change
Single-Family 6,913 6,761 -2.2%
Condo 512 559 +9.2%

 

MEDIAN PRICE Oct 2017 Oct 2018 Change
Single-Family $210,000 $225,000 +7.1%
Condo $178,200 $190,310 +6.8%

 

INVENTORY Oct 2017 Oct 2018 Chang
Single-Family 24,225 21,983 -9.3%
Condo 1,656 1,575 -4.9% 


Tennessee REALTORS® is one of the state’s largest and most influential trade associations. Consisting of 21 local associations and 29,000+ members, the association provides a variety of services including legislative and regulatory advocacy, professional development, professional-standards training, and transaction-management solutions.

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